ING buys 17.6% of Van Lanschot Kempen, the Netherlands’ oldest independent bank

ING has taken a significant stake in wealth manager Van Lanschot Kempen, acquiring 17.6 percent of shares from investment firm Reggeborgh. The financial terms of the deal were not disclosed, but Bloomberg estimates the transaction to be worth approximately 350 million euros.

ING CEO Steven van Rijswijk described Van Lanschot Kempen as a "respected, publicly traded, well-capitalized, and profitable wealth manager with a strong specialist position in the Netherlands and Belgium." He called the acquisition an "attractive financial opportunity" that aligns with ING’s strategy to expand in the wealth management sector.

The deal increases ING’s total stake in Van Lanschot Kempen to over 20 percent, as the bank already owned 2.7 percent of shares prior to this transaction. ING immediately acquired 7.2 percent of Van Lanschot Kempen, bringing its total current holding to 9.9 percent. The remaining portion of the acquisition is pending regulatory approval, which ING expects to take several months.

Banks across Europe have shown renewed interest in acquisitions. ING, ABN AMRO, and Rabobank all confirmed during recent earnings reports that they are actively monitoring the market for potential deals.

Internationally, consolidation efforts are also underway. Italian bank Monte dei Paschi di Siena recently made a bid for its larger rival Mediobanca, while UniCredit has been pursuing Germany's Commerzbank for several months.

Founded in 1737, Van Lanschot Kempen is the oldest independent financial institution in the Netherlands and is listed on Euronext Amsterdam. ING sees its stake as a long-term investment and has expressed confidence in the current management team.

A spokesperson for ING declined to comment on whether the bank intends to pursue a full acquisition in the future. Van Lanschot Kempen acknowledged the transaction and welcomed investment from long-term shareholders.